Will the federal government make spending cuts?

Posted on November 8th, 2010 by admin

More than four in five (83%) American adults surveyed believe the government will have to make cuts in spending much like France and Britain are currently doing. While few argue that cuts are needed the questions are how much and where? Citizens from all demographic groups are concerned about spending, but New Seniors have specific reasons to be worried.

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According to Rasmussen Reports, 69% of respondents say it is better to make targeted cuts rather than across-the-board reductions in all federal programs. However, one in five (20%) think it is better to cut all spending by 10%.

When asked about specific programs, only 41% of the total sample said taxpayers will be able to continue to fund Social Security, Medicare and Medicaid at the current projected levels. Among those 65+ that figure rose to 53%. This suggests that if Congress listens to the will of the people, programs for New Seniors are no longer sacrosanct.

For those receiving cash benefits from the government, 63% indicated they are not willing to give up some of these benefits. This fell to 58% for those 65+. Some 59% of total respondents felt it would be better to cut taxes than to increase government spending, because taxpayers, not bureaucrats, are the best judges of how to spend money.

Asked if a dollar of tax cuts is always better than a dollar of public spending, only 29% sided with the government. Less than a quarter of those 65+ gave the nod to public spending versus tax cuts. Stated another way, only 27% of the total survey believed public spending provides more bang for the buck than tax cuts.

Three of five (61%) respondents say the government already has too much of the taxpayers money and doesn’t spend it wisely. Over a third (36%) favors a top-to-bottom cut of 10% in the salaries of all government workers. A little more than that (40%) oppose such a move. A whopping 75% want Congress to take a pay cut until the budget is balanced. The same percentage (75%) think it is at least somewhat likely that today’s younger workers will work past 65.

It is unlikely any progress will be made on the spending front until after the new Congress is sworn in. Many will say it’s preferable. However, when the matter of spending is addressed, the sparks are expected to fly. New Seniors represent power at the polls, yet we are not an organized bloc that can get behind issues affecting us.

Therefore, we must connect with other folks 65+ and make our voices heard. Unlike younger American’s, New Seniors have paid into Social Security and have been tax to support Medicare since it’s inception and can’t afford to lose these benefits. This is the time for us to join together and show our resolve through “Platinum Power.”